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Blockchain and IIoT

 

Blockchain and IoT both are present in the Gartner’s Hype Cycle 2017.

Clubbing Blockchain and IoT bring the Intelligent Digital Mesh

The Intelligent Digital Mesh

Gartner calls the entwining of people, devices, content, and services the intelligent digital mesh. It’s enabled by digital models, business platforms and a rich, intelligent set of services to support digital business.

Intelligent: How AI is seeping into virtually every technology and with a defined, well-scoped focus can allow more dynamic, flexible and potentially autonomous systems.

Digital: Blending the virtual and real worlds to create an immersive digitally enhanced and connected environment.

Mesh: The connections between an expanding set of people, business, devices, content and services to deliver digital outcomes [2]

 

What is Industrial IoT? 

The term industrial Internet of things (IIoT) is often encountered in the manufacturing industries, referring to the industrial subset of the IoT.

Uses cases of Industrial IoT

Industrial Internet of Things brings a lot of advantages some of them are listed below:

  • Predictive & Proactive maintenance
  • Real-Time Monitoring
  • Asset/Resource Optimization
  • Remote Diagnosis

but all these are under the security threat. Blockchain has begun to have a significant influence on the Internet of Things by enhancing security, empowering the incorporation of an increasing number of devices into the ecosystem. The enhancements in IoT device security facilitate faster adoption of this revolutionary innovation and will open up a wide range of possibilities for enterprises in the days to come.

 

Blockchain and IIoT

IIoT solutions using blockchain can be built to maintain a continuously growing list of cryptographically secured data records protected against alteration and modification. It can set up trust, accountability, and transparency while streamlining business processes.

 

1. Blockchain reducing the cost of IIoT Solution 

It is important for IoT edge devices to reduce processing overhead and eliminate the 'middle man' (IoT gateways) from the procedure. Communication, data exchanges, and device information are conducted on a peer-to-peer basis, removing any additional traditional protocol, hardware, or communication overhead costs.

 

 2. Blockchain confirm and enable the trust

Blockchain empowering Industrial IoT solution with trust. It empowers devices to engage in transactions and communications with trusted parties. While device A may not know device B, and may not believe it verifiably, a permanent record of exchanges and information from devices stored on the blockchain confirm and enable the vital trust for organizations, individuals, and devices to cooperate.

 

3. Accelerate Data Exchanges 

Blockchain eliminates the role of “ IoT gateway” or an intermediate device, which helps in improving data exchange in the process of data transfer. Peer-to-peer device based contracts and ledgers (blockchain) decrease time required to complete device information exchange and processing time.

 

4. Blockchain scaled security in  IIoT Solution 

Decentralized technologies hold great promise for a system that needs to handle storing and retrieving information of millions—if not billions—of connected devices. These future systems have to provide low latency, high throughput, querying, permissions, and decentralized control

 

 

Conclusion

Blockchain and IoT Solution in the Framework - 

Ease of Implementation and Business Impact

High Business Impact and Ease of Implementation put this in the Quick win quadrant.

For Industrial Implementation- Lot of Frameworks, options are available from Ethereum to Hyperledger. IBM Hyperledger Fabric development in the past few months is noticeable.

Ease of Blockchain Implementation is a business challenge rather than a test of technology implementation as it involves connecting multiple parties across multiple processes.  

 

 

References:

  1. https://www.gartner.com/smarterwithgartner/top-trends-in-the-gartner-hype-cycle-for-emerging-technologies-2017/
  2. https://www.gartner.com/smarterwithgartner/gartner-top-10-strategic-technology-trends-for-2018/
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By Mohit Sharma

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